Meritage Homes Q4 net earnings fall 51% to $84.0 million; 2026 outlook matches 2025
Meritage Homes reported fourth quarter 2025 net earnings of $84.0 million, or $1.20 per diluted share, down 51% from $172.6 million, or $2.36 per share, a year earlier. Home closing revenue fell 12% to $1.4 billion on 7% fewer closings and lower average prices, and the company recorded $42.9 million of non-recurring charges. The company expects 2026 home closing volume and revenue to be consistent with 2025, assuming no further deterioration in market conditions.
Key points
- Q4 2025 net earnings $84.0 million ($1.20 per diluted share) vs. $172.6 million ($2.36) in Q4 2024
- Full year 2025 net earnings $453.0 million ($6.35 per diluted share), down 42% from $786.2 million
- Home closing gross margin 16.5% in Q4 2025 vs. 23.2% a year earlier; adjusted margin 19.3% excluding non-recurring charges
- Company anticipates $400 million in share repurchases during 2026, assuming no material changes to market conditions
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.